By Nadja Atwal (Journalist, PR-Expert, TV Host, Serial Entrepreneur)
& Diana Lammerts (Journalist, TV Host, Business Consultant)
Diana Lammerts
Nadja Atwal
The economy is moving in ways that no chart, no model, has ever seen or grasped before! A new wave of women entrepreneurs. They are making a way out of ‘no way’ by creating a new, more inclusive economy, by leveraging profits for social good, that could impact the ‘bottom line’. The big question, though: how much of an impact?
The 2024 Wells Fargo Impact of Women-Owned Business Report shows that businesses owned by women are a growing segment of the economy (39.1% of all businesses), which represents more than 14 million women-owned businesses that employ nearly 12.2 million people and generates about $2.7 trillion in revenue. The number of women-owned businesses grew almost twice as fast as male-owned businesses from 2019-2023. And between 2022-2023 it was more than 4.5 times the rate.
This trend of women taking more leadership roles in business operations reflects a woman’s ability and resourcefulness in the new global landscape. During the COVID-19 pandemic, women were tenacious and innovative. Though the pandemic negatively affected the economy, women have a unique ability to pivot and thrive. Especially, when work and home are disrupted.
In America any sensitive observer is also likely noticing a shift in mentality among female professionals that has taken place in the recent years . While for the longest time it felt like ‘lots of talk , little action” when women called for women elevating each other when they were equally strong, the rise of groups and partnerships among driven entrepreneurs has gained members and …traction.
As a result, while business ownership was hemorrhaging during the pandemic, women were 61%more likely to open a new business than close one. Compared with men owning businesses being 11%more likely to close than start a new business.
In the US today, there are nearly half a million businesses run by women that generate between $250,000-$999,999.
The groups that emerged stronger than others during the pandemic were African American and Latina entrepreneurs.
Studies reveal that worldwide the number of female billionaires has increased over the past 13 years.
In honor of Women’s History Month, it is worth highlighting four outstanding women who display a broader trend :starting a business career within one field but transforming into different industries to become top leaders and as a result self-made millionaires, even billionaires.
Reese Witherspoon: From Silver Screen to Literary Screens
Reese Witherspoon was celebrated as one of Hollywood’s famous movie stars. Forbes listed her as the world’s highest-earning actress for 2021. But playing imagined characters didn’t grow her wealth. She has evolved to literary and production mogul. Today, Witherspoon has an estimated net worth of $440 million. She integrated a unique business model under her production company “Hello Sunshine”.
Reese’s Book Club has become an enormously successful vehicle (not only for encouraging reading). The club chooses books and purchases them en masse. Witherspoon’s production company potentially adapts them into films or TV shows. This genius strategy has led to the sale of Hello Sunshine for $900 million to a Blackstone Group Inc-backed media company.
Rihanna: From Music to Beauty Mogul
Robyn Rihanna Fenty is the world’s wealthiest female musician. Forbes estimates her net worth at $1.4 billion. However, she did not reach that wealth thanks to her talent in the music industry but through the beauty empire she built. Rihanna’s 50% ownership in Fenty Beauty alone has significantly contributed to her fortune as well as Savage x Fenty, her lingerie company.
She entered the competitive cosmetics industry with the goal to make women feel included everywhere and it has led to showcasing her exceptional business acumen. With the brand’s expansion into new markets, like its 2024 debut in India with Nykaa, Rihanna continues to solidify her status as a global beauty influencer and entrepreneur.
Kim Kardashian: Reality Star Turned Business Tycoon
Kim Kardashian shot to fame as a reality TV star on the show Keeping Up With The Kardashians. However, she quickly parlayed her celebrity into a business empire in beauty, fashion, and fragrances. She is worth $1.7 billion, according to Forbes in March 2024.
She made her wealth from business ventures such as her shapewear line Skims and her beauty line SKKN by Kim. Kardashian showcases her entrepreneurial prowess in adapting massive social media followings into a multi-billion-dollar business. Her sister Kylie Jenner is following in her footsteps with a few hundred million shy of becoming a billionaire herself.
Dr. Barbara Sturm: From Orthopedics to Skincare Revolution
The German doctor Dr. Barbara Sturm, initially specialized in orthopedics. However, she has made a name for herself in the beauty industry with her innovative skincare line. She has become known for the “Kobe Procedure” and the viral “Vampire Facial” (where your own blood cells are used to produce proteins and to jumpstart the healing process).
Sturm applied medical principles to develop a skincare range addressing sensitive skin issues. A lot of celebrities and athletes have become her clients. But not only that. The richest female self-made billionaire, Media Mogul Oprah Winfrey, invested in her company. This highlights Sturm’s journey from medical professional to skincare titan.
These women’s journeys are not only inspiring but also a testament to their adaptability, creativity, and resilience. They had the courage to step from their initial career paths into entirely different industries. Their stories underscore the boundless potential of women to reinvent themselves and succeed, paving the way for future generations to follow in their formidable footsteps.